Delta Air lines Stock (NYSE: DAL) price is in a strong uptrend, trading over the top near the resistance mark of $50. Moreover, buyers are trying to achieve glory by smashing over the hurdle. Recently, DAL stock has jumped more than 30% from the last month. The price trading above significant moving averages signals bullishness.
Furthermore, only buying was noted with a vertical rally which showed that sellers were trapped during the breakout of the crucial range of $35-$40. Afterward, short covering moves continued to reflect on the charts, giving buyers an advantage.
The price action showed that DAL stock was crashing above the multiple tops showing the massive strength of bulls who continued to make long positions. However, the immediate hurdle of $50 was a solid range to smash, which, if it happens, then DAL stock will enter into the overbought zone and uncharted territory, where $70 would be the target of a trajectory.
At press time, DAL stock was traded at $47.88 with an intraday gain of 1.16% showing bullishness in the previous sessions. Moreover, the intraday trading volume was 14.601 Million, and the market cap of DAL stock is $30.773 Billion.
Delta Air Lines, Inc. primarily engages in the provision of scheduled air transportation for passengers and cargo. It operates through the Airline and Refinery segments. The Airline segment provides scheduled air transportation for passengers and cargo. The Refinery segment provides jet fuel to the airline segment. The company was founded by Collett Everman Woolman in 1928 and is headquartered in Atlanta, GA.
Atlanta-based Delta Air Lines is one of the world’s largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke network, where it gathers and distributes passengers across the globe through key locations such as Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta’s sale of frequent flier miles, particularly to American Express, is a major driver of the firm’s profits.
Will DAL Stock Escape Above $50?
On the daily charts, DAL stock has shown a breakout above $35, and a follow-on buying was noted on the charts. Furthermore, as per the technicals, analysts maintained a strong buy rating based on the ongoing rally in the stock.
DAL stock has surpassed the upper bollinger band and showed bull strength.
As per the Fib levels, the price is trading above the 61.8% Fib level signalling bullishness.
What Traditional Indicators Say?
On the 4-hour charts, DAL stock held the gains on the top and maintaining uptrend.
The RSI curve is near 60 in the overbought zone and continues to favor bulls based on the buying noted on the charts.
The MACD indicator shows a bearish crossover and red bars forming on the histogram, which indicate mild profit booking.
Conclusion:
Delta Air Lines (DAL) stock price is trading in a strong uptrend, and bulls are willing to catch further action toward $50, which is the near hurdle they want to escape.
Technical Levels
Support Levels: $42
Resistance Levels:$50 and $55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/09/delta-air-lines-stock-continues-to-surge-will-it-reach-50/